Sector movers: Ferrexpo lifts industrial metals higher

7th Aug 2013 15:06

Ukraine-focsued iron ore miner Ferrexpo saw its share price jump on Wednesday after a strong first-half report, pushing the industrial metals sector higher.Revenues rose 6.0% year-on-year to $775m as a 19% increase in sales volumes offset lower market prices.Chairman Michael Abrahams said the company performed "well" in the first half and production is expected to rise in the second half as its new mine, Ferrexpo Yeristovo Mining, ramps up."Once the FYM mine reaches its initial planned capacity, anticipated in the second half of the year, further operating efficiencies should result," he said.Analyst Louise Collinge from Investec said that underlying earnings of $244m, up 1.0%, came in slightly ahead of estimates."We believe that Ferrexpo's interim results will be well received by the market, as the group has demonstrated H1 production and costs which put it on track to achieve its full year targets," she said. Shares in Africa-focused iron ore producers Bellzone Mining and London Mining were also making gains today.Top performing sectors so far todayIndustrial Metals & Mining 1,204.17 +1.84%Electricity 10,071.60 +0.45%Industrial Transportation 2,965.99 +0.30%Life Insurance 6,397.35 +0.14%Mobile Telecommunications 4,632.09 +0.12%Bottom performing sectors so far todayFood Producers & Processors 7,139.62 -2.75%Fixed Line Telecommunications 3,773.80 -2.41%Tobacco 37,427.58 -1.94%Household Goods & Home Construction 10,749.35 -1.66%Real Estate Investment Trusts 2,424.99 -1.65%BC